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The Deposit Insurance Corporation (Cosede for its Spanish acronym) will be responsible for returning the resources of depositors of Banco Sudamericano, which was declared in compulsory liquidation on Monday. Since that date, the Cosede has 10 days to start the process of...

The Superintendency of Companies and Insurances announced last week that 730 firms are in the process of dissolution. These companies belong to the sectors of: agriculture, mining and quarrying, manufacturing, construction, wholesale and retail, accommodation and food service,...

Ecuador may export 15% more cocoa to the European Union (EU). “Our market niche is the fine chocolate. European consumers demand the black chocolate” told to daily Expreso Iván Ontaneda, President of the National Association of Cocoa Exporters of Ecuador (Anecacao)....

The Association of Electrical and Electronic Engineers of Pichincha yesterday submitted its proposal to the Reform of the Telecommunications Act, which seeks to reduce the profits of the telephone company´s workers from 15% to 3% Through a statement, the guild proposed that...

Ivanhoe, a Canadian company, said that it refrained from exploiting an oil block in the Ecuadorian Amazon. This was adjudicated in 2009, with reserves estimated at 4,500 million barrels. The company, despite having invested $ 74 million non-refundable, abandoned the project when...

On last Saturday during his nation-wide broadcast, President Rafael Correa, referring to the partial veto on the Monetary and Financial Code, said that the investments of the Liquidity Fund, amounting to about $ 2,000 million, which aims to solve liquidity problems for private...

The Central Bank of Ecuador (BCE for its Spanish acronym) will sanction the financial institutions with fines up to $ 800,000, in the case that these undertake clearing or liquidation operations without authorization. The Monetary and Financial Code draft establishes so...

Last Friday, the Minister of Electricity, Esteban Albornoz, announced that about 100,000 users across the country could benefit from the subsidy to the first 80 kilowatts per hour of energy, this August. This subsidy corresponding to between USD 6 and USD 8 in the electricity...

It is possible that the draft Zoning, Land Use and Management Law begins to be officially discussed in next September by the Committee of Autonomous Governments of the Assembly. For now the commission works with a preliminary draft prepared by consultants of the European Union,...

The Superintendency of Banks and Insurance of Ecuador ordered the liquidation of Banco Sudamericano SA, saying that there was “solvency problems and repetitive violations to the rules and laws in effect”. This information was disseminated through a statement that the...